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Roma Numismatics Limited Owner Richard Beale Scandal

5/28/2023

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Richard Beale, the director of a prestigious London-based auction house, has been arrested in New York City on charges related to his sale of multi-million dollar ancient coins. This arrest, which has not been previously reported, has sent shockwaves through the numismatic community and raised concerns about the integrity of the antiquities market.

As the owner and managing director of Roma Numismatics Limited, a renowned auction house specializing in rare and collectible coins, Richard Beale was considered a prominent figure in the industry. However, recent developments have tarnished his reputation and cast a shadow over his business.


According to a complaint filed in New York criminal court, Beale and Italo Vecchi, an Italian coin dealer working as a consultant specialist at Roma Numismatics, are alleged to have falsified the ownership history of two ancient coins that were sold at auction in 2020. The coins in question are of significant historical value, including one that commemorates the assassination of Julius Caesar.


The complaint states that Vecchi sold two rare coins to Beale between 2013 and 2014 without providing any provenance. Among them was the infamous "Eid Mar" coin, a Roman gold coin minted in 42 B.C. to honor the assassination of Julius Caesar on March 15, 44 B.C. The other coin, known as the "Sicily Naxos" coin, was minted in 430 B.C. in the Greek colony of Naxos on Sicily and is considered one of the rarest and most prized ancient coins in the world.


In order to deceive potential buyers and increase the value of the coins, Beale allegedly purchased false ownership history documents claiming that both pieces came from the collection of the Baron Dominique de Chambrier. These fabricated provenances were then used in auctions held in London in October and November 2020. The Eid Mar coin fetched a staggering £3.2 million ($4.1 million), setting a new record for the highest price ever paid for an ancient coin, while the Sicily Naxos coin sold for £240,000 ($291,000).


The criminal complaint further reveals that Beale and Vecchi manipulated the shipping information of the Eid Mar coin, which was transported to the United States twice in 2020. On both occasions, the coin was falsely declared as originating from either Turkey or Italy on U.S. customs paperwork. Similarly, the Sicily Naxos coin was falsely claimed to have originated from Italy. These fraudulent actions allowed the coins to be viewed as legitimate and significantly inflated their value.


In a separate but equally troubling allegation, Beale is accused of purchasing five other coins from a convicted antiquity trafficker that had been looted from the Gaza Strip in 2017. These coins, which he allegedly sold through Roma Numismatics using falsified provenance, raise serious ethical concerns regarding the illicit trade in cultural artifacts.


Richard Beale's arrest on January 10 resulted in charges of grand larceny, criminal possession of stolen property, conspiracy, and scheme to defraud. His next court appearance is scheduled for May, and the outcome of the case will undoubtedly have far-reaching implications for the auction house and the numismatic community at large.


This incident serves as a stark reminder of the importance of due diligence, transparency, and ethical practices in the trade of ancient artifacts. It highlights the need for stricter regulations and more robust mechanisms to verify the authenticity and provenance of antiquities. The arrest of Richard Beale should serve as a wake-up call for the industry, prompting a collective effort to safeguard the integrity of cultural heritage and protect collectors and investors from fraudulent practices.

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Growing Legal Battle: Investors Seek Justice from ACE Holdings Bhd for Unfulfilled Promises

5/15/2023

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The list of disgruntled investors taking legal action against ACE Holdings Bhd continues to grow, as yet another investor has filed a lawsuit against the beleaguered company. Seeking restitution of almost RM8.3 million, the plaintiff alleges that ACE Holdings failed to deliver the promised investment returns. This latest legal action adds to the mounting pressure on ACE Credit Sdn Bhd, a subsidiary of ACE Holdings, and two of its directors. Let's delve into the details of the case and explore the implications for the investors involved.

In April, an undisclosed plaintiff lodged a lawsuit against ACE Credit Sdn Bhd and two of its directors, citing four agreements entered into with the company in 2019. The plaintiff claims to have invested a total of RM7 million based on promises of a 12% annual return. Unfortunately, ACE Holdings failed to fulfill its obligations, leading the plaintiff to exercise her right to early cancellation.

The Allegations
According to the statement of claim, ACE Holdings currently does not possess a valid moneylending license, which is required under the Moneylenders Act 1951. The plaintiff argues that the validity of the license was a crucial condition for the agreements and investments. ACE's alleged breach of this condition is viewed as a material violation of the agreements, prompting the investor to seek legal recourse.

Legal Proceedings
To address the alleged breaches, the plaintiff's solicitors, Messrs Haris Ibrahim Kandiah Partnership, sent a notice to ACE on March 8. The notice specified the defaults and breaches, granting ACE 14 days to rectify the situation. Regrettably, ACE failed to respond to the notice. Consequently, on March 24, the plaintiff's solicitors sent another notice terminating all four agreements.

Implications for Investors
The growing list of investors taking legal action against ACE Holdings Bhd highlights a troubling trend. It underscores the importance of conducting thorough due diligence and seeking professional advice before entering into any investment agreement. Investors should prioritize verifying the licensing and regulatory compliance of any entity they intend to invest with. Failure to do so may expose them to significant financial risks and potential loss.

Additionally, this case underscores the importance of monitoring the performance of investments throughout their tenure. Prompt action is necessary if any irregularities or breaches of agreement are suspected. Investors must be vigilant and proactive in protecting their interests.

The legal action against ACE Holdings Bhd by yet another dissatisfied investor emphasizes the importance of transparency, due diligence, and compliance in investment agreements. The allegations surrounding the lack of a valid moneylending license raise serious concerns about ACE's commitment to regulatory standards. As the case unfolds, it will be interesting to see how the courts adjudicate these matters and how they may impact the future reputation and operations of ACE Holdings.
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Investors are urged to exercise caution and seek legal advice if they find themselves in similar situations. The outcome of this case may provide valuable lessons and insights for both investors and companies alike, emphasizing the need for accountability and adherence to legal obligations in the investment industry.
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Freeman Event Partners: Shedding Light on Employee Mistreatment and the "Become a Concessionaire"

5/15/2023

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In the world of event management, Freeman Event Partners has long been regarded as a prominent player, organizing large-scale events and exhibitions. However, recent revelations regarding the mistreatment of bar staff employees have cast a dark shadow over the company's reputation. In an attempt to divert attention from their past, Freeman Event Partners has launched the "Become a Concessionaire" program. In this blog post, we will delve into the incident, shed light on the poor treatment of bar staff, and examine the implications of their new program.


The Past Incident:

Former employees of Freeman Event Partners have come forward to shed light on the poor and mistreating practices they experienced while working for the company. The bar staff, responsible for serving and catering to event attendees, have reportedly faced long working hours, inadequate breaks, minimal pay, and a lack of respect from management. This not only constitutes a violation of labor laws but also highlights a concerning disregard for the well-being and rights of the employees.



Poor Treatment of Bar Staff Employees:

The mistreatment of bar staff employees within the event industry is sadly not uncommon, and Freeman Event Partners' case serves as a stark reminder of the issue at hand. In an industry that thrives on creating memorable experiences, it is disheartening to witness the exploitation and neglect of those responsible for making these events possible. The long hours, often stretching well beyond what is legally permissible, coupled with meager wages, place an immense strain on the physical and mental well-being of these workers.



The "Become a Concessionaire" Program:

In response to the revelations regarding employee mistreatment, Freeman Event Partners has launched the "Become a Concessionaire" program. On the surface, this program appears to offer an opportunity for bar staff employees to transition into self-employment and become concessionaires, taking charge of their own businesses within the events. However, it is crucial to examine the underlying motivations and potential consequences of this initiative.



While Freeman Event Partners may present the "Become a Concessionaire" program as a way to empower their former employees, it is essential to question the timing and true intentions behind this initiative. The timing of the program launch, coinciding with the revelation of mistreatment, raises concerns that it might be a strategic move to divert attention from the company's past behavior and to alleviate any potential legal and reputational consequences.


Implications of the Program:

Although the "Become a Concessionaire" program may offer a sense of autonomy and independence to former bar staff employees, it is important to consider the challenges and risks associated with such a transition. Operating as a concessionaire requires significant financial investment, access to resources, and the ability to navigate complex event logistics independently. For employees who have already endured mistreatment and inadequate compensation, this program might not fully address the underlying issues of fair treatment, job security, and worker rights.


Rather than implementing programs to mask past transgressions, it is crucial for companies like Freeman Event Partners to address the root causes of employee mistreatment. This includes cultivating a culture of respect, providing fair wages, and adhering to labor laws to ensure the well-being and rights of their staff members. Open communication channels, safe reporting mechanisms, and robust worker protection policies are necessary steps toward creating a more equitable and sustainable work environment within the event industry.

Freeman Event Partners' mistreatment of bar staff employees serves as a stark reminder of the systemic issues that persist within the event management industry. While the "Become a Concessionaire" program might provide an apparent solution, it is important to scrutinize the motivations behind such initiatives and advocate for comprehensive changes that prioritize fair treatment, worker
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